9911796707
TMI Blog2021 (1) TMI 1195X X X X Extracts X X X X X X X X Extracts X X X X ..... s the Resolution Professional of Cyclo Transmissions Limited (hereinafter called as the "Corporate Debtor"). He was appointed as the Interim Resolution Professional of the Corporate Debtor vide an order of this Tribunal dated 18.12.2018 wherein the Company Petition under Section 7 filed by IDBI Bank (hereinafter referred to as "Financial Creditor") was admitted by this Tribunal. He was confirmed as the Resolution Professional in the first meeting of the Committee of Creditors (CoC). The Resolution Professional has field this application under Sections 19(2), 25(2)(a) and Section 70 of the Insolvency and Bankruptcy Code, 2016 (hereinafter called as "the Code") against the Suspended Board of Directors Mr. Pandurang Ramchandra Shinde, Mr. Rahu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ver all the documents, accounts and assets of the Corporate Debtor to the Applicant. A copy of this letter has been annexed by the applicant with this application at Exibit E. 4. The counsel further stated that the applicant vide letter dated 30.11.2019, once again asked the Respondents to peacefully handover the office premises and the Bungalow occupied by the Respondents to him being the asset of the Corporate Debtor. The bungalow is the asset of the company and this is clear from the Books of Accounts/Purchase Agreement and is still in possession of the Respondents. He further stated that it is pertinent to mention here that the Respondents have showed resistance in handing over the office premises and documents, however after multiple ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty be pleased to pass an order and direct the Respondents to co-operate with the Applicant in peacefully handing over the possession of bungalow situated at "Rambhagya", Plot No. 16, Karanje Tart Radhika Road, Satara-(Maharashtra) of the Corporate Debtor, immediately; ii. That this Tribunal be pleased to pass appropriate orders and directions penalizing the Respondent for not providing necessary assistance, co-operation to the Applicant, in terms of provisions of Section 70 of the Code. 8. There was representation on behalf of the Respondents and have submitted a consolidated reply in all the applications pending before this Tribunal in this matter including the reply in this application. The Respondent alleges that the RP has failed to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re left with very less role to play in the decision of the CoC. If the CoC has decided to liquidate the company, it is their commercial wisdom. Also, the conduct of the Respondents is such which clearly shows that this defence is merely an attempt to stall the proceeding and nothing else. Also, the Respondents have not dealt with the allegations for non-cooperation, rather have made allegations on the RP. 12. We have perused all the documents and it is very clear that the Respondents are not co-operating with the RP and therefore, we direct the Respondents to co-operate with the RP in handing over the property to him. After going through the documents, it is clear that the property is the asset of the Corporate Debtor over which the Respon ..... X X X X Extracts X X X X X X X X Extracts X X X X
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